0:00 [Music] Welcome back to a very adulting episode of the Careful Boys, where we just want to talk about something that's going to get bar super horny. What? Can we guess? Real estate. Real estate. Let's guess. Real estate. Las Vegas Republicanism. Donald Trump having a mega boat parade. A mega boat parade. Yeah. It's always like New Jersey. Trump Jersey. Trump got Trump. Anything else? Anything else? Um, military discount for um illegal guns. That's still too fun. Come on. Lean Bart. Lean Bart. Think finances. Think like finances. Oh, it's boring. Top five ways to to to budget. Think business stuff that he would do for himself but
0:50 not for JK. For myself. Thatch Thatch new is opening up how to be a YouTuber courses. Way more boring. Way more just Bart level boring. Um Bart level boring. Yeah. You think I'm boring? He's pissed. I am pretty boring though to be honest. Freaking I I wouldn't say that. We'll cut to the chase. I think I'm a boring guy. It's tax season. Yeah. All right. And even if this video gets uploaded later, it's tax extension season for most of us. Tell what I always get an extension. I file for extension. My freaking tax guy always gets an extension even though I told him just not to do that. Sounds like your tax guy sucks. Yeah, he sucks. Sounds like he sucks. Uhhuh. That's him. Wow. Hey, my tax guy is the
1:41 This is what we wanted to talk about. All right. How important it is to get yourself a good tax person. That's really the video. Yeah, it really is. Hey, that's good advice. That's good advice. It's relevant. It's real. Were we just talking about this at dinner? We're We're all adults now. And then this is something we all have to learn as adults. Guys, I I talked to so many It's It's really funny because like uh especially like, you know, younger dancers or or Kindas or other things that like, you know, look up to me and they ask me for stuff in terms of like advice on their career and random ████ You should embezzle all their ████ 90% of the time before I even get to like, oh, this is how you improve your dance or network or blah blah, sometimes I'm like, dude, do you can you manage your finances when you do get paid for a gig? Like, what do you do with it? Like, what's a P&L? Are you buying some ████ immediately? It's like, are you are you
2:31 LLCed up? Do you have like who's your tax guy? How are you handling it? And you know, the answers are always like really the same answers that I would have given like 15 years ago. It's like, oh, I don't know. Like, my uncle does my taxes. I have no idea about it. Blah blah blah. My uncle was my tax guy. My very first tax guy. The first time that I started learning something about taxes and I was like, can I like write this off and I started pushing him a little bit, he dropped me. Wow. He's like, I'm not doing your tax. Mickey's dad was our, you know, was our tax guy for a while and same ████ He just wouldn't want to bleed into write offs and stuff and we were, we dropped him. Different different tax guys have different appetites for risk. Yeah. It's like saying a lawyer, right? Like if one guy is just a real estate kind of specialty lawyer, he's not going to know anything about entertainment. So just because
3:21 they do taxes doesn't mean that they're going to know everything. And that's why it's like most people that are on a W2, like most people that are just like working like a regular job, they don't even need a tax guy. I feel like that's most people watching this. Yeah. That's why it's ████ boring cuz it's like it it doesn't a lot of people more people have 1099s now. Yeah. Yeah. So, if you have a side I think now more than ever there's more 109s out there than there are W2. Plus plus a lot of people have transitioned to like work from home environment type of work things and stuff. So like even understanding like home office expenses and like how much you can write off for your office or just move to Dubai and don't ████ pay anything and then just honestly if you could just live in Dubai or Puerto Rico that would be probably sick. That's like your first thing to do. You don't report anything. I would live in Puerto Rico. Would you live in Puerto Rico? I would I love Puerto Rico. I hear it's like I
4:12 hear it's a tough living. America still takes money from you even though you you're in a different country. Yeah. Yeah. You still have to pay up. Go to Dubai. Treat an Instagram mom like she's a urinal for like 3 days. Yeah. Then you have to pay taxes. Did you know that like I have friends that live in Dubai and they are all convinced that all of those stories are total propaganda? You think that's what they all say? Don't take that away from me, man. No, no, no. I don't. I feel like it's real. Do you think Do you think it's because they're all guys? They're not. They're girls and they Oh, well, they would like it not to be real. They don't want the secret out. They're like expats who moved to Dubai and are just are killing it there. Well, it depends on your circle. They swear that like none of that's true. If you're a chic though, you're doing that ████ though, right? Do you know why? Cuz
5:02 they're telling you that and then they're going and putting on raincoats and ████ You have a lot of schmucks in here. Like what's the deal? Why would they admit that to you? I think I think it's true. I think it's true, too. But then but then like it's just crazy. I didn't Girls got raincoat galashes in an umbrella. I just didn't think that the people live there were just like, "Oh, you actually believe that s███?" I was like, "Yeah, but it depends on their circle. Like if they're if your friends are a bunch of chefs, like they're probably going to be like, "That sounds crazy." You know, like they're they're out there balling out cooking for the these guys. But if they have a Mexican restaurant, they're like, "Oh, it's real, dude." That's what that's what that's what like it surprised me because they're they work in entertainment, too. And they for a long time. So then I feel like they something in Dubai's actual news probably like debunks a lot of the that stuff maybe with fake ████ to tell
5:53 their citizens like oh don't believe like all these they're like that happens in Saudi Arabia not Dubai. No like back in the day when I first went there I' I've met a lot of like almost every girl at these like high-end clubs was an escort from the states or Russia and I was like this is ████ weird. The night life I'm sure it's weird. I'm sure I'm like that sounds very common in that. You're not even getting on the plane if you don't you don't have the toilet stuff checked on your little toe. You don't even get a ticket. I heard the little toilet check box. ████ sake, man. All right. Give us some give us some specifics then about like tax ████ I do think and I think like No, there's like a No, it's cuz there's a huge gap. There's a whole huge part that's missing and the regular person gets a W2 whatever whether you're accountant yourself. ████ lawyer, engineer, medical professional. Like one of the
6:45 first things that people get when they once they get their real job is how much do you want to contribute to your like Roth IRA or your 401k or whatever. And that's already a tax question, right? Cuz some of it it's like you can do tax deferred contributions. So, it's like even if you have a W2, you need to be wellversed in taxes cuz at the end of the day, the most core concept is how much of your money are you trying to keep that you make? And I think that's the that's the number one thing. People can make 300 grand a year and they're broke as ████ cuz half of it is gone. Yeah. You don't have the strategies to keep their money. And then from the 300, how do you stretch it to your family? Like how do you Cuz like the minute you own a home, there's like uh tax benefits. the car that you want to drive, there's tax deductions. This is this applies to everybody. 1099 W2, all that stuff. Even with W2 stuff, like
7:35 people often times get like like, "Oh, dude, I got like a fat tax refund." But if you like really get into like the the finance nitty-gritty stuff, it's like getting a big refund is not necessarily a great thing. Getting a big refund means that you just loaned your money out to the government, so they're giving it back afterwards. But if you just do your claims and dependence the right way, so you get refunded less, but you keep more money, then you can do more with your money. They don't get the dopamine hit that check though. When you see that like the the Turbo Tax and like their whole ad is like, "Oh my god, I got a tax refund for $3,300." That means you paid too much. I was like, "Who the ████ is going to get that much money back? That is crazy to me. You paid way too much." You paid way too much. Happens all the time. Don't do that. So, don't do that. Isn't it crazy? You don't want that. Yeah. Where where are we at with this? Do we not want that? What's some What's some specific ████ like that you guys can share about like money that you've saved or earned? like different
8:26 things like for example once shout out to David from your creator tax that's gonna be my buddy Steve put me on to him um cuz I went Anthony hates me but he we have the same tax yeah but I hate him um but the thing is um cuz first I had like like Bart said different tax CPAs and stuff like that have like different risks right first I was going to this dude just from a old school like Chinese friend of a friend type thing uh it's not even his tax CPA spot it's his dad's but like he was the guy who's put on like our account and our company stuff. He's just like not creative. It's just like by the book like there's just a way to do stuff. Yeah. He's like he's like he's like checking your items out at the ████ market. And I also assume if you're not like the the client that's like bringing in multi-million dollar accounts, it's a kind of like you're just another guy that I have to do during tax season. That's how I feel now. What up guys? Come join our Patreon
9:17 because there's hundreds of videos dating all the way back to 2019. That's right. If you click on the link down below, you can join our Patreon, join us on the Discord, come chat with us directly, have a fun conversation. And this will help support the channel's growth and new ideas. And also tap into our closer community by joining our Discord and get the opportunity to suggest video ideas like the ones you've seen. Thank you guys. Join our Patreon. Help us out. Thanks. See you guys there. Say hi to me. There's no priority. There's no special anymore. None of that, right? That's like Nikki's dad. Once we once we have somebody who like actually one will speak on your level, has a relationship with you in that sense where they're willing to like make you feel very Jerry McGuire like like hey I you're my client let me take care of you type ████ and then on top of that too they're versed in your industry that changes everything because of the way
10:07 that they can teach you things as well when you're curious about something. So even for example for me one of the things I used to do I used to think that hey I can write off a part of my apartment when I was renting as like a home office but I didn't know how much I could I was just like I guess like 20% seems pretty aggressive. So if I'm like hypothetically for easy math if I'm paying like $4,000 for rent then like 20% is like you know just under $1,000 like $800 whatever $850 bucks or whatever. I think you can write up to 50. That's what I learned when the right task guy was like, "Okay, well you so one of your rooms is your office. One of your other ones you like choreograph, but like don't you also like shoot kind of like podcast and stuff and like do you have meetings in your living room cuz we can go up to 50% based off your numbers and blah blah blah blah." And I'm like, I could do that cuz 50% is a
10:59 way bigger deal, you know? And it's like the guy who he's putting his license on the line so he's going to he's not going to do too risky either. But if he's telling you you can do that, you're the one who's just being like, "Of course, like I've been doing that, but I didn't think. I thought I have this office and like I've been doing that." Like we we shot a whole live stream in your living room, too. Yeah. You know, so it's like just being able to have the right authority of a person telling you you can do that through that process, your entire perception of what you can do. And that that I mean for think about that for years like that adds up. I I I think switching to, you know, this this tax guy, David, um at least credit you even though I don't like you. No problem. I think at least has been like a $10,000 tax difference every year.
11:50 For you, boy, on bigger financial years for me, more money. You know, that's like,000 Doru, bro. Dumb. You pay a lot of taxes, huh? Having them versed in the industry you're in is so much more helpful because like I know your guy does crypto, right? So like he'll understand all he knows it all. Yeah. But if you got knows how to write your losses. Oh yeah. He knows how to write your losses off. He helped. He post Luna he helped a lot. Yeah he did. Yep. But if you got a guy that he was there for the whole ride. Let's say all of the clients are um I don't know like long care and then like he's helping you out because he's like I don't know family friend or whatever. He's going to be really scared to write off all this stuff as a YouTube production cuz a lot of it in entertainment especially it comes off like almost illegal cuz our
12:42 clothes are uniform right so you won't be able to write this off and they'll be like no that's your casual clothes you can't do that but then in entertainment you buy clothes for the production so then people that don't want to lose their license and stuff like that they might not be cool with whatever so they won't take those risks, but they're not risk. They're not actual risks. They're just not studying the industry and understanding what's normal in the industry. So, finding it's not just annual account. You got to find the ones that like that you're working in and the one that's fitting your phase of life cuz like they might be good at your industry. Let's say you're an actor, but then you're an actor that now has like three boats or some ████ or you have like you're starting to get into homes or whatever. They have to also understand like real estate and how to that's a different maybe maybe you need
13:33 a a LLC per house. Maybe that's the way that there's like all fancy terms like cost aggregation, all that all that ████ Like you have to start moving into that direction and can that CPA also grow with you, you know, like that's that's also a thing too. And I think like the the reason why I was down to move to Vegas is um the obviously there's the first there's the thought of it and then I started crunching the numbers and with my accountant at the time we uh found out that I'd be saving 50 G's a year by moving to Vegas. So I was like, even if I go to Vegas and switching to Geico. And I was like, and I ████ hate it just by living in Vegas for five years and then moving back, 50 time mil. I'm like, is it worth a quarter mill just to live somewhere else? I'm like, ████ yeah. But it's hot for a month and a half. I know. Two
14:24 months, dude. Yeah. So like I think that's that traffic. Yeah. So there's also like and also there's the way like um so there's numbers and then there's the way like people have to be able to perceive things and I think that's a huge thing that people have to get through their head. So, one one thing that like uh really helped me understand that was um so like if we just go round numbers, California state income tax is 13%, right? Which means if you make a 100 G's, you're paying uh 13,000 a year. 200 G's 26,000 a year. So, let's say your household income 100, right? Guy and girl 100. Let's say it's 200 G's. 26,000 a year is 2 G's a month. aka if you live in Nevada, they're giving you a free house, right? Because if they if you save two
15:14 G's a month, that's that's your mortgage. So, a lot of times people, they see the numbers, but it's this lofty thing and they're not able to adjust the framework. And that's the hardest part, too. So, I think like understanding taxes isn't just about the numbers, but also how learning how to reframe it and make those numbers work in your favor. It's like he's talking at me right now. You tell him you're Nick Dunf fun. I'm going to send you a link to this video. The thing about Vegas, the scammy thing about Vegas is vehicle registration. Total joke. Hella expensive. Total joke. So you're going about to get host. No, your classic cars are going to be cheap though. Yeah, but then the insurance providers are limited to Hagerty. Oh, really? I can't get AAA. I can't get none of those. I got because of the year. No, cuz of historical. You have what? I got I I'll hook it with mine. I pay 20 25 bucks a month to which
16:04 provider? State Farm. Oh, State Farm. I didn't think about that. Okay. Well, then there you go. What do you mean? Me and Anthony know insurance guy, too. Oh, what? He chokes me out like literally every day. Your insurance guy? Yeah, we we get like home and auto insurance through him. Oh, what? Yeah. Yeah. And if he finds a cheaper place that's not through him, he'll just recommend you that other place. Okay, cool. And property tax is not much different than Cali, I don't think. Oh, it's way cheaper. Way cheaper. Yeah. By a ████ ton. Yeah. I mean, they make their money through the car stuff. Like that's that's that's that's but it's still not How much is registration? It's uh it's like uh it's not just weight. It's also like um the a value of your car at the time and how old it is. So like for example, when I like um got registration for my Jeep, it's 10 years old. So the value of it is way lower and
16:54 the registration might have been like 200 bucks, normal ████ 100 something. But then my Tesla, it's only 1 years old. So, how much I still owe on it? I had to pay like $1,000 for the registration. My Tacoma was like 500. Wow. I'll put it like this. I think Nevada. And And get this, it's like one It's every year. Yeah. It's not like California. And then you have to smog every year. So, that's a inconvenience, too. Yeah. Yeah. You have to smog every year. Even with the hybrid, by the way, we have a hybrid. We have to smog every But at least the smogging is easier. Yeah. The regulations isn't like California. It's a little like photoart stall. But if you get classic status, you don't have to smog. Yeah, I'm just going to freaking I don't have to smog my EV. I'll tell you that. You know what I mean? But this is some This is some This is some boomer talk, dude. We're talking about old ████ This is I'm interested. But this
17:44 is also the stuff that as boring as it is. I knew this when I was younger. I feel like I would be This is the stuff I wish I knew when I was 21. I wish I ████ knew, dude. I would be in such a better position. I also think property taxes are a freaking scam in general. It's very It's very sad, especially when you think of like elderly people. It's really sad, dude. Yeah. They got to like get another job after retiring because of that. It's pretty sad. It's a good way to keep people on their toes. Yeah. It's a good way to keep them young. You know what I'm saying? Bag those groceries. Yep. Always got to keep keep moving.
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